Ebensburg Borough officials open line of credit with First National Bank
During Monday’s council meeting, Ebensburg Borough officials approved opening a line of credit with First National Bank for a maximum amount of $3.5 million to cover the payments of all contractors for the Lake Rowena dredging and concession stand/restroom projects. First National Bank’s 3.75% interest rate was the most attractive quote the borough received, officials said. Council Vice President Theresa Jacoby said the administration of payments to contractors will be in a 60-day schedule, so the borough has to cover the costs and then be reimbursed by the grant funder. The ...